Webinar: US sports betting and iGaming revenues reach record highs in 2022
Both of these verticals grew at a far higher rate than traditional casino games, according to the AGA.
US commercial gaming broke an annual record in 2022, hitting $60.4bn in gross gaming revenue (GGR), according to a report by the American Gaming Association (AGA). In an address to the industry, the AGA delved further into the breakdown of revenue.
This figure only accounts for commercial operators; when combined with Tribal revenue, the AGA believes the grand total will most likely exceed $100bn.
A major takeaway was the continuing diversification of the most lucrative verticals, notably sports betting and iGaming. Sports betting market share came in at an all-time high of 12.4% of the total GGR and broke several US records, achieving a $93.2bn betting handle and sportsbook revenue of $7.5bn.
Sports betting’s GGR surge was fueled in part by Kansas (which operationalized both retail and mobile sports wagering) and by the launch of mobile sports betting in Louisiana, Maryland and New York. Americans bet a total of $93.2bn on sports throughout the year, with nationwide sports betting revenue soaring by 73% year-over-year.
The recently launched New York sports betting market took a lion’s share of the total betting GGR, generating $1.4bn. It was the only state to exceed the $1bn mark, with Illinois coming in second with $795m GGR.
Despite being limited to legality in only six states, iGaming revenue grew 35.2% year-over-year to $5bn. This double-digit revenue increase is made more remarkable by the fact that no new states launched iGaming in 2022.
Both sports betting and iGaming reached landmark quarterly highs, experiencing high double-digit GGR increases (63.3% and 28.2%). Traditional gaming grew at far steadier rates. Table game revenue experienced a modest 2.4% quarterly boost, while slot machines showed 2.1% Q4 growth.
Land-based gaming still dominated the overall gaming revenue pie, but the meteoric growth of online sports betting and iGaming were still key takeaways from AGA’s report.
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